According to a new market report published by Credence Research “Global Fire Protection System Market for Oil & Gas Industry- Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the Global Fire Protection System Marketfor Oil & Gas Industry is expected to reach US$ 8.7Bn by 2023, expanding at a CAGR of 6.8% during the forecast period 2016 to 2023.

Fire protection system refers to the system used to prevent or extinguish fire the spread of fire. Oil & gas operations in highly hazardous in nature and hence need additional level of preventionin order to avoid any uncontrolled fire or spillage. Fire protection systems are widely used in oil & gas installations and is one of the mandatory requirements.

Fire protection system market for oil & gas industry to gain momentum with increasing operational activities in oil & gas installation coupled with the growing exploration and production activities is anticipated to drive the demand for fire protection systems in oil & gas industry. Further, growing concerns to prevent accidents influencing regulatory bodies to enforce policies to mandatorily use of fire protection system to restrict any fire or oil spill during oil & gas operations. Moreover, increasing demand for fossil fuels along with development of automated fire protection system is expected to augment the growth of global fire protection system over the forecast period. However, high installation cost along with volatileoil prices restraining further investment in new projects which in turnis expected to hamper the growth of fire protection system market for oil & gas industry during the forecast period (2016-2023).

Competitive Insights:

Global fire protection system market for oil & gas industry is segmented on the basis of product type, application, technology and geography. By product type, fire managementsystem segment is projected to be the most dominant segment with due to high adoption of fire extinguisher and sprinklers system in oil & gas installations.Followed by it, fire analysis is expected to be the fastestgrowing segment due to increasing demand for fire analysis software in order find the root cause for the accident occurred in past. Thus, helping decision maker to take more effective. The segment is anticipated to gain significant market share by 2023.

The key players in the market are focusing onincreasing their market penetration through mergers and acquisitions of small players. Further, market is expected to witness development of new products as leading players in the fire protection system market are investing significant amount in research and development to make fire protection system more effective.

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